Explosions Reported in Hormuz Strait Amid U.S.-Iran Tensions On May 7, Iranian media reported explosions in the Hormuz Strait linked to U.S. military actions. According to Yonhap News, around 10 p.m. local time, the semi-official Mehr news agency noted that explosions were heard near Qeshm Island, close to Bandar Abbas in southern Iran. A source told Mehr that two drones were shot down near Bandar Abbas, separate from the situation at Qeshm Island. Additionally, the judiciary-run Mizan news agency reported that the Iranian military engaged in comba May 8, 2026

South Korea Moves to Revamp Compensation System for Humidifier Disinfectant Victims South Korea is initiating a process to gather feedback from victims as it prepares to transition to a government-led compensation system for those affected by humidifier disinfectants. This shift is expected to accelerate discussions on compensation standards and support scope.The Ministry of Climate, Energy and Environment announced that it will hold a briefing on the complete revision of the enforcement decree for the "Special Act on Compensation for Humidifier Disinfectant Victims" on May 8 i May 8, 2026

Middle East Conflict Impacts Industries: Shipbuilding and Refining Thrive, Aviation and Battery Sectors Struggle Although the U.S. and Iran have entered negotiations to end hostilities, the domestic industrial sector is expected to feel the impact starting in the second quarter. Industries are experiencing mixed fortunes, with some benefiting while others face challenges. The blockade of the Strait of Hormuz has led to unprecedented logistics disruptions, benefiting the shipbuilding and refining sectors, while the aviation and battery industries are likely to see declines in performance. ◆ Shipbuil May 8, 2026

South Korea's Blue House Responds to North Korea's Constitutional Changes On May 7, the Blue House stated it will conduct a comprehensive review of North Korea's recent constitutional changes, which include the establishment of a territorial clause defining its territory solely as the northern region. A Blue House official emphasized that the government will consistently pursue a policy of peaceful coexistence on the Korean Peninsula based on this review. North Korea recently amended its constitution, removing references to national reunification and the concept of a May 8, 2026

Tight Race for Daegu Mayor: Kim Boo-kyum vs. Choo Kyung-ho "Daegu needs to change now" "But the Democratic Party can't win" Public sentiment in Daegu, traditionally a conservative stronghold, is shifting. A visit by Aju Economy on May 7 revealed a tight race between Kim Boo-kyum of the Democratic Party and Choo Kyung-ho of the People Power Party for the mayoral position. Voices calling for change clashed with those insisting on preserving conservative values. Kim, the first Democratic lawmaker elected from Daegu, is leveraging his connection to May 8, 2026

Trump Signals Potential Iran Peace Deal Before China Visit Trump hints at Iran peace deal ahead of China visit, warns of military pressure Donald Trump, the U.S. President, indicated a possible resolution to peace talks with Iran before his visit to China. Reports suggest that the U.S. and Iran are nearing a memorandum of understanding (MOU) to end hostilities, with Trump warning of increased military pressure if an agreement fails. On May 6, during a White House event, Trump told reporters, "Iran cannot and will not have nuclear weapons," adding May 8, 2026

Special Prosecutor Clears Kim Kwan-young of Insurrection Charges Independent candidate Kim Kwan-young received a no-charge notice from the second special prosecutor team led by Kwon Chang-young regarding insurrection charges on May 7. Kim received the notice around 6 p.m. and stated, "We received the no-charge notice via fax at the provincial office," confirming that there were no allegations of insurrection or dereliction of duty. The allegations stemmed from actions taken by the Jeonbuk provincial government during former President Yoon Suk Yeol's May 7, 2026

Prosecutors Reject Arrest Warrant for HYBE's Bang Si-hyuk, Citing Incomplete Investigation Prosecutors have once again returned an arrest warrant for Bang Si-hyuk, chairman of HYBE, to the police, citing incomplete supplementary investigations regarding allegations of deceiving investors before the company's IPO. According to Yonhap News, the Seoul Southern District Prosecutors' Office rejected the police's renewed request for the warrant on May 6. Prosecutors stated, "We found that the requested supplementary investigations were not completed, leading to the warrant's dismissa May 7, 2026

Daum Seizes Opportunity for Revival in AI Era Once dubbed the "people's portal," Daum is seizing a revival opportunity in the age of artificial intelligence (AI). Since its launch in 1995, Daum led the popularization of the internet in South Korea with services like Hanmail and cafes. However, its prominence waned in the 2000s until it was acquired by AI company Upstage, marking a potential resurgence. On May 7, Upstage finalized a contract to acquire AXZ, the operator of Daum, from Kakao. This deal involves a stock exchange where Kaka May 7, 2026

Upstage Completes Acquisition of Daum Operator AXZ AI company Upstage has finalized its acquisition of AXZ, the operator of the portal Daum. Upstage plans to integrate its large language model (LLM) with Daum's search and content data to build a next-generation AI portal aimed at creating an accessible AI service ecosystem. On May 7, Upstage signed a formal acquisition agreement with Kakao, which will transfer its entire stake in AXZ. This marks Kakao's separation from the portal business 12 years after it absorbed Daum in 2014. The two com May 7, 2026